Daily News: November 21, 2019

Societe Generale Agents $1.9B Revolver for Mercuria


Mercuria’s North American operating entities closed a $1.9 billion one-year senior secured borrowing base revolving credit facility.

Mercuria increased the size of the facility by $200 million while maintaining a stable banking group. The joint borrowers are Mercuria Energy Trading, Mercuria Energy America, Minerva Bunkering (USA) and Mercuria Commodities Canada Corporation.

Societe Generale, MUFG Bank, Natixis, ABN Amro Capital USA and ING Capital were joint-lead arrangers for the facility. Societe Generale acted as sole coordinator, administrative agent and collateral agent while MUFG Bank, Natixis, ABN Amro Capital USA and ING Capital acted as co-syndication agents. Credit Agricole, Rabobank and Mizuho Bank joined the facility as co-documentation agents and a further 10 banks participated at various commitment levels.

The facility was heavily over-subscribed with Mercuria choosing to scale back lender commitments. It will be used for financing the company’s working capital needs in respect of its North American inventory and receivables and is an integral part of Mercuria’s successful and growing presence in the region.

“The renewal of our 2019 North American Borrowing Base has been another great success that will support our growing and diversified portfolio of activity in North America,” said Guillaume Vermersch, group chief financial officer of Mercuria. “It has been built upon the strength of our strategic banking relationships, both locally and globally, and the depth of these relationships with our financing partners is reflected in the significant over-subscription of this facility.”

Mercuria Energy Group is a privately held Swiss international commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas, power, coal, biodiesel, carbon emissions, base metals